Page 24 - Spicejet

DGCA orders SpiceJet to continue operating at 50% capacity till Oct 29

The Gurugram-headquartered budget carrier has been facing acute liquidity crunch for quite some time

'Abundant caution': Regulator extends cap on SpiceJet flights till Oct 29

Airline will have to demonstrate that it has the resources to fly more planes and it will continue under DGCA's 'enhanced surveillance'

Top headlines: DGCA extends curbs on SpiceJet; Wipro fires 300 employees

The Cabinet on Wednesday approved the national logistics policy, which aims at reducing transportation cost and improve global performance of the sector.

Sensex down 263 pts, Nifty near 17,700 ahead of US Fed outcome; FMCGs shine

CLOSING BELL: The losses, meanwhile, were led by the Nifty Metal index (down 2 per cent), and the Nifty Pharma index (1.4 per cent)

SpiceJet tanks 4% as airline sends 80 pilots on Leave Without Pay

The low-cost airline has been reporting losses for the past four years and is operating less than 50 per cent flights, following the July 27 DGCA order in the wake of mishaps.

Stocks to Watch: Central Bank, ITI, M&M, Yes Bank, SpiceJet, PEL, GPT Infra

Stocks to Watch Today: Central Bank of India has removed from the RBI's PCA framework after 5 years; SpiceJet places 80 pilots on leave without pay for three months.

SpiceJet sends 80 pilots on leave without pay for three mths to prune costs

Loss making airline is currently operating less than half its flights, following a July 27 DGCA order brought on by a spate of incidents

Top headlines: KKR to invest in Hero's RE arm; CEA pegs FY23 growth at 7%

SpiceJet has sent approximately 80 pilots on leave without pay for three months in order to rationalise its costs.

Akasa Air filled 53% seats in August, accounting for 0.2% market share

Top-6 carriers posted much higher seat occupancy; experts say not much can be read into Akasa's load factor as airline is at a very nascent stage

SpiceJet reintroduces option to lock fare for 48 hours with 'SpiceLock'

SpiceJet announced the reintroduction of 'SpiceLock', a unique service that allows passengers to lock their desired fare for 48 hours without name

No stay of probe in alleged cheating case against SpiceJet's Ajay Singh: HC

The Delhi High Court has clarified that there is no stay of investigation in an alleged cheating case against SpiceJet promoter Ajay Singh concerning the transfer of shares of the airline to certain individuals. The clarification came on an order passed by Justice Anoop Kumar Mendiratta on Singh's anticipatory bail application in the matter. The court, which had earlier granted interim protection from arrest to the businessman stated in its order dated September 8, As prayed by learned Additional Standing Counsel for the State, it is clarified that there is no stay of investigation. The court listed the matter for further hearing on November 29 and said the interim order shall continue to remain in operation in the meantime. List on November 29, 2022. Interim orders to continue, it said. In the present case, which pertains to two similar FIRs, a Delhi businessman and his family members have alleged that there was a share-purchase agreement between him and the accused and they paid

Stocks to Watch: Reliance, ONGC, Tata Steel, Oil India, Anupam Rasayan

ONGC has signed 6 contracts for Discovered Small Fields (DSFs) under the DSF-III bid round. Contracts were signed for 3 offshore fields each in the Arabian Sea, Bay of Bengal

SpiceJet appoints Ashish Kumar as CFO, effective from September 9

Budget carrier SpiceJet on Friday said it has appointed Ashish Kumar as its Chief Financial Officer. Kumar's appointment for the post is effective from September 9, SpiceJet said in a statement. Kumar succeeds Sanjeev Taneja, who quit the struggling carrier on August 31. Before joining the Gurugram-based low-cost airline, Kumar was serving as vice president for corporate finance at Interglobe Enterprises since January 2019, SpiceJet said. Previously, he served as Chief Financial Officer at Interglobe Hotels for five years from 2014 to 2018, as per the statement. Facing a liquidity crunch, SpiceJet reported a loss of Rs 784 crore for the quarter that ended June 30, compared to a loss of Rs 731 crore a year earlier. The company had also reported a loss of Rs 485 crore for the quarter ended March. "Restructuring SpiceJet and putting it back on a path of rapid growth is the best job in the aviation industry today. Ashish's experience and proven track record will ensure that he can .

Former SC judge PV Reddi to mediate SpiceJet-Kalanithi Maran spat

SpiceJet incurred net losses of Rs 316 crore, Rs 934 crore, Rs 998 crore and Rs 1,725 crore in FY19, FY20, FY21 and FY22, respectively

SpiceJet in dire need of recapitalisation to revive operation: Report

The carrier has been strong in its pursuit of weathering the storm but it has faced a series of headwinds for more than three years. The company reported huge loss in April-June quarter

SpiceJet likely to get funds under govt's credit guarantee scheme next week

SpiceJet, which is facing financial headwinds, is likely to receive around Rs 225 crore under the government's credit guarantee scheme next week, according to a source. Hit by high fuel prices and rupee depreciation, the budget carrier on Wednesday posted a net loss of Rs 789 crore for June quarter and also said its board has approved raising up to Rs 2,000 crore. On Friday, the source said the airline is expected to receive around Rs 225 crore next week under the Emergency Credit Line Guarantee Scheme (ECLGS). Under the scheme, announced in May 2020 in the wake of the pandemic to help various sectors, entities will get credit at a concessional rate of 7 per cent. On August 17, the Union Cabinet approved the enhancement in the limit of ECLGS by Rs 50,000 crore to Rs 5 lakh crore. The additional amount is being earmarked exclusively for enterprises in hospitality and related sectors. The source also said that a new Chief Financial Officer (CFO) is expected to join the airline next

SpiceJet likely to get Rs 225 crore next week under ECLGS to clear dues

The airline has been making losses for the last 4 years. Moreover, it is currently operating less than 50% flights, following the July 27 order DGCA in the wake of a spate of incidents.

TMS Ep251: SpiceJet crisis, EV boom, multiplex stocks, reserve currency

How can SpiceJet come out of crisis? Is the stage set for an EV boom in India? How 'Boycott Bollywood' has hit PVR, Inox Leisure's stocks? What is a reserve currency? All answers here

How can SpiceJet fly out of its existential crisis?

Electric vehicles are set to take India by storm. Foreign as well as domestic companies have lined up a host of variants. The stage is set for the electric vehicle revolution in India. Here's more

SpiceJet Delhi-Nashik flight returns midway due to 'autopilot' snag

A SpiceJet flight that took off for Nashik in Maharashtra from the Indira Gandhi International Airport here on Thursday morning returned midway to the city due to an 'autopilot' snag, a DGCA official said. The Boeing 737 aircraft landed safely, he said. SpiceJet B737 aircraft VT-SLP, operating flight SG-8363 (Delhi-Nashik) on Thursday was involved in an air turnback due to an autopilot snag, the official said. Facing financial turbulence amid high fuel prices and rupee depreciation, SpiceJet aircraft have been involved in a series of incidents in the past as well, following which the Directorate General of Civil Aviation (DGCA) had issued a show-cause notice to the airline. On July 27, the aviation safety regulator had also ordered the airline to operate a maximum of 50 per cent of its flights for eight weeks.